India: PV installed capacity to reach 280GW by 2030

    According to a new report by research firm BloombergNEF (BNEF), India will invest $223 billion to meet its target of installing wind and solar capacity by 2030.

    India aims to have 500 GW Solar System For Domestic Use of non-fossil fuel power generation capacity by 2030, up from 158 GW by the end of 2021. Of the 500 gigawatts targeted, nearly 280 gigawatts will be solar and 140 gigawatts from wind, according to the country's Central Electricity Authority (CEA) modelling of an optimal mix of generating capacity for 2030.

    The "Financing India's 2030 Renewable Energy Ambition" report, released jointly with the Power Foundation of India, shows that the corporate commitments of Indian companies are in line with India's 2030 ambitions. These could help India achieve 86% of its 2030 target of building 500 GW of cumulative non-fossil power generation capacity.

    As of April 2022, the country has installed 165 GW of zero-carbon power generation. The CEA forecasts that the country's reliance on coal will fall from 53% of installed capacity in 2021 to 33% in 2030, when solar and wind combined account for 51%, up from 23% in 2021.